STRS Pick. Up with Reduction - The Board herewith agrees with the Association to pickup (assume and pay) contributions to the State Teachers' Retirement System (STRS) on behalf of the individuals in the bargaining unit on the following terms and conditions: 1. The amount to be picked up and paid on behalf of the individual shall be the employee's contribution. The individual's annual compensation shall be reduced by an amount equal to the amount picked-up and paid by the Board. 2. The pick-up percentage shall apply uniformly to all individuals in the bargaining unit. 3. No individual covered by this provision shall have the option to elect a wage increase or other benefit in lieu of the employer pick-up. 4. The pick-up shall apply to all compensation including supplemental earnings. 5. For federal and state tax purposes, the W-2 form shall show the total amount of compensation reduced by the employee's contribution. For STRS purposes the total amount of compensation shall not be reduced. 6. STRS pick-up shall in no way affect unemployment compensation, sick leave, worker's compensation, severance pay, daily rate of pay or any other calculation based on the salary schedules contained in Article XXV.
Appears in 2 contracts
Sources: Comprehensive Collaborative Agreement, Comprehensive Collaborative Agreement